More than 50-thousand jobs in South Korea’s financial sector disappeared over the past year.
 
According to data from Statistics Korea, 789-thousand people were working in financial and insurance firms as of the end of November, down 51-thousand from the previous year.
 
That represents the largest drop since 2009 when the figure decreased by 55-thousand.
 
The sharp drop is attributed to layoffs throughout the financial sector including banks, securities and credit card firms as the legal retirement age is set to be extended to 60 next year.